In a previous post we had a quick overview about what you’d do as a manager in a product management job. Here’s the post – Product Manager Job Description. For many of the juicy roles in the field an MBA in product management can make a big difference. Unlike a regular general management program, a specialised MBA in product management allows you to focus on topics and choose electives that are directly relevant for product management jobs.
You should also read our article on a day in the life of a product manager.
In this post we focus on what the best MBA programs in product management offer and how it can help you become a better product manager in any industry (Careers in Product Management).
MBA in Product Management Syllabus
Here’s a sampling of the product management MBA syllabus that you will most likely see in many of the top courses.
New Product Development
Folks working in the software industry might be familiar with the Software Development Life Cycle (SDLC). This is a specialised implementation of the broader discipline of product development. Every product goes through a typical life cycle – ideation, product design, engineering, testing, launch.
However this is only one part of the process. There’s a parallel track that has to support this and it happens in the area of marketing. There’s no point in creating a wonderful product that no one is going to use. That brings us to the new course that you’ll come across if you take up an MBA in product management.
Advanced Marketing Planning
This again is a bunch of activities that involves understanding what the market really wants. Is the new product filling a gap in the market or is it generating a new demand? For instance, when Gmail came out, it was not the first free email product. But if offered something that the existing free email services didn’t offer.
While the engineering team at Google fine-tuned the technology behind Gmail, there was also a marketing team planning on how to market the product before and after it was launched.
Consumer Behaviour
Every single product has a consumer. So it’s only natural that you know what the consumer wants before spending millions of dollars on the product. What prompts the consumer to choose one product over another. Is it the aesthetics, or the function, or the brand, or a combination of these and other aspects. These inputs can go a long way in ensuring that the new product development is happening in a synchronised and well-directed manner.
Marketing Research
This is the analytical part of the process. Not everyone in the product management team needs to be a pro at everything. If you are good at gathering, analysing and presenting data in a way that can provide invaluable insights to the rest of the product management teams, you can be a crucial contributor.
Marketing Hi-Tech Products
This is where things start moving into the niche zone. You can’t market an iPhone like a Gucci bag. Or maybe you can. Most high-tech products rely a detailed feature listing comparing 3 other competing products in a bid to prove how they are better than the options available in the market.
Others focus on the image or an emotion to send the message across. This is where the dependency on Consumer behaviour comes back into picture. Depending on your target buyer, you could tweak your marketing strategy.
Blackberry was initially positioned as a high-end phone for the professional. All the marketing initiatives projected a serious, no-nonsense image. Then they re-positioned themselves (to gain a bigger market share) and there was re-branding exercise where they tried to show that it wasn’t just meant for the serious professional.
Pricing Strategies
In most cases, pricing (how much the consumer pays) isn’t purely a function of the cost (how much the company spent on bringing it to market). Pricing plays a big role in positioning the product.
I can’t find the article where I read this. But apparently the same condom manufacturer supplies to Nirodh (the government brand) as well as to several premium brands. The quality is the same but difference in pricing is huge. Of course, the premium brands spend more on advertising and marketing, but they still make big margins on the same product.
[After reading this, please don’t rush to the pharmacy to collect various brands. The pharmacist will have a tough time digesting the argument that you are buying condoms for intellectual stimulation.]
Brand Strategy
The biggest premium is not on the idea, the technology, the engineering or the final product either. It’s on the brand. That’s why even when the product isn’t exactly ground-breaking (think Pepsi, Coke) companies still go berserk in trying to get their brands into the mindspace of consumer. Brands communicate much more than individual products.
With brands, you aren’t simply building a product. You are building a personality. And that cannot happen overnight. Apple has a personality. So does BMW. And Iron Man (the franchise, not the individual). Read this article on Brand Management careers in India. Also read, MS in Luxury Brand Management.
MBA Crystal Ball has one too. And hopefully it is distinct from the products/services it sells, its (allegedly highly charismatic and, um, supremely modest) founder, the ideas that you read here in the individual posts and the mba consulting reviews.
Entrepreneurial Selling
Selling a deodorant is different from selling a mango drink. But if you look at the advertisements on TV nowadays, till the tag line and the brand are finally displayed you’d think they are both selling population control (or growth) products.
That’s the problem when the entrepreneurial marketing process takes a back seat. Promoters start assuming that the void that was left during the marketing strategy discussions will be filled by the model’s orgasmic expressions.
In a public get-together nobody wants their family members (specially those over eighty) to act like this after you offer them a harmless drink, right?
Whether it’s a low priced commodity item (like soap) or a high priced, high involvement product (e.g. a car or a financial product like insurance), there’s a fair amount of entrepreneurial selling that’s needed in both cases.
Supply Chain Management
Though supply chain management / SCM is a completely different world in itself, as a product management professional, you need to be cognizant (no, not the company) about how it fits into the process. This is the delivery network that ensures that the excellent work done by your design team, the engineers, the marketing guys are all culminating in the right manner.
There are some excellent Supply Chain Management courses that you can look at if this is your area of interest.
Best MBA in Product Management
While reading this post or during the subsequent research, if you went ‘Ah, I see myself doing that. I need to get myself a product management certification’, then you need to do some more research on the bschools that offer an MBA in product management.
Here are a few names to get you started.
Harvard Business School (HBS), Stanford, MIT Sloan, Haas Berkeley, NYU Stern, UCLA Anderson, Carnegie Mellon Tepper (CMU), McCombs
Check out the details on their respective websites to see if there’s something in there that you find interesting. As always, talk to real folks who work in the area of product management. Doesn’t matter whether they have an MBA in product management or not. Find out what they do on a day-to-day basis.
Good luck in your endeavour to get into the exciting field of product management. Who knows you might save the rest of us some day from the bad products and bad promotions that we are getting subjected to every single day.
I don’t really mind if the mango drink spills outside Ms Kaif’s mouth. With the right training and encouragement, that can be improved. But after marriage, for technical reasons, I cannot use deodorants that’ll have hot chicks falling all over me.
So my request to you is to please get into the right product management job quickly and give me an alternate, safer product to use.
This paragraph – “I don’t really mind if the mango drink spills outside Ms Kaif’s mouth. With the right training and encouragement, that can be improved. But after marriage, for technical reasons, I cannot use deodorants that’ll have hot chicks falling all over me.” – was priceless!
Informed article but Sameer, your provocative sense of humor never fails to tickle me.
Hi Sameer,
there’s a question that currently is puzzling me enormously.
My question is more regarding career and about to/not to go for MBA than Product Mgmt.
First, some brief introduction:
I graduated in Mech Engg. from one of the top NITs. I have been working for 2 years now, for one of the largest and most ambitious Automotive companies in the country in Product Development role. I find the job very satisfying, challenging and interesting. However – I know I may sound stupid here- I want to complete my post graduation , as i dont want to hit some ‘glass ceiling’ at a later stage because of lack of qualification. For that matter, there is no dearth of Bachelor degree holders in engineering jobs here right?
Now the Question is whether its MBA/ M.Tech ????. Again some backqround:
I want to complete post graduation in India itself and leaving country is not an option for me (for multiple reasons)
I see myself working in Automotive industry (or to be more relaxed some engineering/manufacturing industry) even after completion of postgraduation. But I am not able to figure out whether in my industry, whether an engineer + MBA ‘OR’ an engineer + MTech will have more opportunities for career growth.
I also could not find a comparable query on this blog, as most of them even if dealing with technical roles are from software industry.
I am yet to speak to some one in my company/industry itself – which I will definitely do as soon as possible.
I came across your site and found it very relevant and genuine, so hope to find some useful advice !
Ranjan:
In most traditional industries in India, the bigger emphasis is still on technical qualifications and experience. If you aren’t looking to move into non-operational roles (finance, strategy etc), at this stage (when you’ve only started your career) then you’d be better off gaining a technical post graduation qualification instead of an MBA.
When you become more senior in the company, you might be called upon to take up non-operational responsibilities as well. At that point in time, take a call whether you’d need a management education.
It isn’t uncommon for folks to go for an MBA after a technical Masters degree (MS, M.Tech).
Thanks a lot Sameer. !!
Hi Sameer!
Let me start with a compliment – You’ve got an amazing website!!
I am posting this reply, in fact, more on the terms of asking your advice 🙂
A small intro about me :- I am a B.Tech grad & currently working in Bangalore. I have 3 yrs of work experience in Aerospace Domain, more in the lines of “Product Development”.
I want to pursue a Part-Time MBA in Product Management, because being in a rare field, & converging all my interests into one- I would like to see myself as a Product Manager, maybe 5 years from now.
Can you give me some guidance on how to go about this? Your suggestion is awaited & shall be highly appreciated.
Thanks in advance!! 🙂
Thanks for the compliment, Prathyusha.
As a reciprocation, I’d really want to make you happy with some great advice. But I’m afraid my knowledge about part-time programs is very limited (read, zero).
I’m sure IIMB might have some short-term programs in their MDP (management development program) menu list. You could check that out for starters.
Hi Sameer,
First of all I would like to congratulate on setting up a very successful and at the same time helpful venture for an MBA aspirant. I have been reading crystal ball for the last few months and it has been very educating about the MBA scenario. Now, coming to me I have just started as a marketing intern at pharmaceutical company which is in the top 25 of the industry. I would just like to know what should I aim for in the next 4 years so that I have a good profile for programs like INSEAD. Thank you for a great meeting place for all MBA aspirants.
Hey Sameer,
I’m a 15 yr old chap and i want to become great businessman. But before i open my business, i’d like to gain some experience in product management….
I have gained a lot of knowledge from this astounding article, it tells me everything i need to work on in achieving my goal…but im a bit confused in how to go about my dream, ive planned a few things:
1) Get into a good commerce college like symbiosis for my 11th-12th
2) Do an MBA in prod. Managment OR Take an undergrad. course in mangement
3) Get a bachelors degree
4) Get certified
…Could you pls help me in what steps should I take in becoming a good product manager and a good businessman?
Have a good day and best wishes fo your years ahead
Thanking you,
Avijit Arora
(A student of 10th std)
Pune
@Teja: Get involved in the business and try to take on varied responsibilities. Do better than others at your level. Have a life outside work.
@Avijit: Tenth standard and planning for your career! Hats off to you.
I’d suggest not taking it too seriously. It’s tough to plan out things 4-5 years in the future.
Focus on the current and the immediate next steps. Score well in school/college and develop a good academic record. Talk to others who are already in the roles that you like.
Hello Sameer,
This career option sounds good.I am a mechanical engineer currently employed with a 4-wheeler passenger car manufacturing company.I am having close to 4 years of experience in Quality Engineering.I want to change my role from that of a Quality Engineer to that of a Product Manager.I don’t see too many MBAs handling this profile in my company,they are either engineering graduates who have gained prominent experience in the field or freshers(again engineering graduates).
But I have a query as to how does the Marketing differ from Product Management altogether or is Marketing a part of the product development life-cycle.In my company the case may be different from that of other Automobile behemoths.
Also the name of colleges you have mentioned above pertain to those established in US only.With a major chunk of Automobile Companies located in Europe(Germany to be specific) where would I be able to find the same course(MBA – Product Management) in Europe.I plan to stay and work in EU for some time.
Also I want to be a part of the glamorous side of it as well (Passenge Car segment-4 Wheelers).
An MBA in Marketing is always what I had in mind.But after gaining some information regarding the course mentioned above,may be its the time to rethink.
Please help.
Thanks.
Dear Sameer,
Let me start by saying that I am a huge fan of yours. Your lucid style of writing combined with your superior sense of humor has always captured my attention.( I also loved your book “Beyond the MBA Hype”) My query is also more regarding my career rather than product management. I am working in SAP ERP for the past 2.5 years and even though I started as a technical in SAP( ABAPer), due to dearth in project opportunities for ABApers within my organisation, I started learning functional modules and now, I am entirely into functional consulting( Enterprise asset management and document management). i enjoy doing my work and learning new domains( like MM,PS). However, I have heard that, normally functional consultant have domain experience( before coming to SAP), which I dont have. I am a Btech graduate and got into my current company through campus placements. So, should I continue with my job and do an MBA only when I start facing hurdles on my present career or should I do an MBA now( now in the sense,at the earliest, preparing and writing GMAT), spend 2 years and then start a career in product management or in strategic management post MBA. I know that, my entire query may sound silly and stupid, but please do help me out :). and also for my profile, MBA in operations would seem to be a good choice rite?, since I am working in logistics.
@Shubham: You guessed right. Marketing is a (very important) subset of the overall process.
Germany is a nation where engineers have more credibility than MBAs. While having an MBA won’t really hurt, you’ll have an edge if you can combine that with a solid technical base.
Many of the CEOs and senior professionals have risen through the ranks as engineers.
@Aravind: You are good for my ego. Thank you.
Since you’ve managed to transition into a functional role without having the typical credentials, I’d suggest staying there and building a strong profile in any one (or more) functional area(s). In a year or two, you’ll have more clarity about where your career is heading.
After that whether you want to grow as a functional consultant or move into a product management role, an MBA can help.
Hey Sameer,
The above blog still remains relevant 3 years after its posting, this shows the level of dedication you and your team have put into each article.
Would like to gain some insight about future scopes of the Product Management career track.
I completed my MCA from NIT-Calicut in 2015 and then worked as a Business Technology Analyst ( Big Data Domain ) for Deloitte for a couple of years , post that moved ahead to start my own startup with my friends in Kolkata where I was involved in a Product Mangement based job profile. Since last September I have joined a Belgium Based Data Analytics StartUp and presently working in the space of Product Development and Implementation at Kualalmpur . I am aiming for a solid Product Management career track with some leading tech product companies. I have driven and have been involved in numerous social activities and community service activities throughout my career.
Now the question I had in mind , Is opting for an MBA a better option to move into Product Management ? If yes, then which universities should I be targeting with my present profile.
Regards.
Thanks, Subhodip. The demand for good product managers has only increased since this article was published. So we shared another one about the best programs to gain advanced management skills for product management roles. Here it is: https://www.mbacrystalball.com/blog/2016/11/21/best-mba-masters-programs-product-management/